PGG Wrightson has posted interim earnings (ebitda) of $24.9 million for the six months to December 2009, 45% down on the previous comparable period.Profit for the period was $4.1 million, compared with a loss of $32.8 million for the same period in the pr
PGG Wrightson has posted interim earnings (ebitda) of $24.9 million for the six months to December 2009, 45% down on the previous comparable period.
Profit for the period was $4.1 million, compared with a loss of $32.8 million for the same period in the previous year but $30.5 million down from the first half of 2007.
However, the positive profit came after the rural supplies and services company moved beyond large losses from fair value adjustments and non-operating items in the first half of 2008.
Revenue for the first half was $583.3 million, down from $735.3 million for the first six months of 2008.
Meanwhile, the company has announced significant changes to its board of directors with both former chairman Craig Norgate and Baird McConnon from Rural Portfolio Investments stepping down next month.
PGG Wrightson’s share price this morning was 58c a share (NZX:PGW).
